Becoming an organ donor is easy. You can indicate that you want to be a donor in the following ways: Register with your state’s donor registry. Most states have registries. Check the list at OrganDonor.gov. In Minnesota, the registry can be found here. Once registered, you will receive a welcome packet in the mail including […]
Whether to be an organ donation is a question most of us face only when we renew our drivers’ license. We may be faced with the decision again if we visit an estate planning attorney and discuss a health care directive. So it’s probably not surprising that there is a lot of mystery surrounding organ […]
It is hard to believe we are at that time of year again when a new year will be upon us in only a matter of days. The countdown is on – only 30 days until 2015. Here are a few reminders of things to do before we say goodbye to 2014. Take Your Required […]
The Qualified Small Business Deduction (“QSBD”) under Minn. Stat. § 291.03, provides an additional deduction for Minnesota estate tax purposes for the value of qualified small business property passing to a qualified heir. The statute was originally enacted in 2011 (and has subsequently been updated).
In Minnesota, many homeowners can qualify their primary residences for homestead status. By classifying a piece of property as a homestead, the property may qualify for a reduced classification rate, a reduced taxable market value, a property tax refund, and/or other special program eligibility. To qualify for homestead status, the following criteria must be met: […]
A married couple, of which each spouse has children from previous relationships, faces certain issues with regard to distribution of their estates. The most basic of these issues involves what happens if a spouse dies without a will. When any individual dies without a will, the statutory rules for the intestate succession dictate the distribution of […]
Estate planners do encourage clients to be specific with their various bequests within their estate plan. When describing gifts of both real and tangible personal property or defining beneficiaries, we want the assets and individuals to be identifiable. However, it can actually cause problems when clients get too specific and potentially lead to unintended complications […]
What is Succession Planning? Simply put, succession planning is the process of transitioning key people within a business so that the business can continue to operate after the owner or key executives leave. Think of it as planning for the future of the business so that it can outlive the owners. This process involves a […]
“Protecting Your Afterlife in the Digital Realm” Once again the discussion about planning for your digital assets received national attention on CBS Sunday Morning. The segment features various companies* that are helping individuals protect their digital assets and leave a digital legacy, such as Cirrus Legacy, If I Die, and LifeNaut. Additionally, it shares some […]
We’ve said before that Minnesota is not a favorable state in which to die because of the state’s estate tax laws. Some believe that the same is true for other tax reasons as well. While Minnesota does offer a lot to its residents, which attracts them to make Minnesota their home, there are people who […]
For many, cabins provide an opportunity to get away from it all, to spend time with family and friends (maybe beside a body of water) and decompress from daily life. Unfortunately, cabins can also cause frustration and confusion as to how families (immediate and extended) will share it and how the cabin can be passed […]